Producer sentiment fell to its weakest reading since July 2022, as the Purdue University/CME Group Ag Economy Barometer declined 19 points to a reading of 104 in May.
The Index of Future Expectations was down 22 points to a reading of 98 in May, while the Index of Current Conditions was down 13 points to a reading of 116. This month’s lower sentiment was fueled by drops in both of the barometer’s sub-indices and likely triggered by weakened crop prices. In mid-May, Eastern Corn Belt fall delivery bids for corn fell over $0.50/bushel (10 percent) and soybean bids declined over $1.00/bushel (8 percent), while new crop June/July delivery wheat bids declined nearly $0.50/bushel (8 percent), all compared to bids available in mid-April, when last mo
